Estimated selected financial and operating data for the third quarter of 2022

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) publishes initial selected consolidated financial and operating data for the third quarter of 2022 (Q3 2022).

According to the initial estimates, net electricity production at PGE Group generating units in Q3 2022 amounted to approximately 16.0 TWh, distribution volume arrived at 8.9 TWh and sales of electricity to final off-takers came out at 8.3 TWh. Heat sales volume amounted to 4.0 PJ.

Consolidated recurring EBITDA for Q3 2022 amounted to approximately PLN 2 328m, including:

Conventional Generation segment PLN 576m,

District Heating segment PLN -8m (loss),

Distribution segment PLN 668m,

Supply segment PLN 486m,

Renewables segment PLN 561m,

Circular Economy segment PLN 17m.

In addition, the results for Q3 2022 were influenced by one-off events decreasing EBITDA result by approx. PLN 402m. The non-cash item of changes in reclamation provision, which translated into an decrease in EBITDA by PLN 422m had the greatest impact on the result of the period.

In effect, consolidated reported EBITDA for Q3 2022 amounted to approximately PLN 1 926m, including:

Conventional Generation segment PLN 157m,

District Heating segment PLN -10m (loss),

Distribution segment PLN 668m,

Supply segment PLN 509m,

Renewables segment PLN 561m,

Circular Economy segment PLN 17m.

Consolidated net profit attributable to equity holders of the parent company amounted to approximately PLN 654m. CAPEX amounted to PLN 1 990m. Estimated net debt amounted to approximately PLN –1 837m as at September 30, 2022, and estimated economic net financial debt (including future payment for CO2 rights) amounted to approx. PLN 11.1bn.

Average electricity wholesale price realized in Q3 2022 by:

- Conventional Generation segment amounted to PLN 575.7 per MWh,

- Conventional Generation and District Heating segments amounted to PLN 578.3 per MWh.

At the same time, the average cost of CO2 emission rights for both segments related to electricity generation amounted to PLN 329.8 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidated financial statements of the PGE Group are still in the preparation process. The consolidated report for third quarter of 2022 is planned to be published on November 22, 2022.